Nigeria’s Vice President Yemi Osinbajo, said on Monday at the FT Africa Summit in London that militants in the oil-producing Niger Delta region no longer posed a significant threat to oil production, Reuters reports.
He said Nigeria had lost as much as 1 million barrels per day (bpd) of oil production last year amid militant attacks on oil and gas infrastructure, which is concentrated in the southern Delta region. It was now pumping roughly 1.85 million bpd and climbing towards 2 million bpd. That is closer to its top production of around 2.2 million bpd.
Still, he added that Nigeria needed to diversify its oil-dependent economy and take advantage of the resource while it was still in high demand. “We don’t have all the time in the world with oil,” he said. “We have to use oil while it makes sense to do so.”